Who Pays US Taxes?

by Larry Emmott on July 20, 2017

in General

From Ullmann and Co.

The income tax burden on higher-income tax filers has gone up, according to IRS statistics. The top 1% of individual filers paid 39.5% of all federal income taxes in 2014, the most recent year the Revenue Service has analyzed. That’s up from 37.8% in 2013. Higher-income tax filers also reported 20.6% of total adjusted gross income, also an increase from the prior year. ┬áTax filers with adjusted gross income (AGI) of at least $465,626 qualify as the top 1% of earners.

The top 5% of tax filers paid 59.97% of total federal income tax and accounted for 35.96% of all adjusted gross income. They each had AGI of at least $188,996. The top 10% of tax filers, those with AGIs of $133,445 or more, accounted for 70.9% of the total federal tax burden while earning approximately 47.2% of individuals’ total adjusted gross income.

The bottom 50% of tax filers paid only 2.75% of the total federal income tax in 2014.

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